Mall Owner Sues Gap for Going on Rent Strike
Gap (NYSE: GPS) went on a rent strike during the coronavirus pandemic to save money, but it may get more expensive as shopping mall operator Simon Property Group (NYSE: SPG) is suing the retailer for failing to pay what was due.
Gap is Simon's largest tenant, in terms of both stores represented in its malls and the amount of rent it pays, and though the retailer has suffered from being forced to close because of the COVID-19 outbreak, malls have expenses they're required to pay as well.
As Simon CEO David Simon noted during last month's earnings conference call, "The bottom line is, we do have a contract and we do expect to get paid."
Source Fool.com
